Key Takeaways
- • Norwest closed Norwest 18, a $4 billion global, multi-stage fund, the largest in the firm's 65-year history, lifting total capital under management to $18 billion, according to the firm's announcement on Thursday.
- • The fund will back technology, healthcare and consumer companies across the U.S., India and Israel, with explicit targeting of healthcare, biotech, medtech and healthcare AI.
- • Norwest has invested in more than 750 companies since 1961 and currently partners with more than 275 companies across its venture and growth equity portfolio.
- • Since launching Norwest 17 in April 2024, the firm has made more than 87 investments and supported over 30 portfolio companies through liquidity events, including IPOs from Amagi Media Labs, BillionToOne, MBX Biosciences, Omada Health and Swiggy.
- • Norwest is expanding beyond capital by adding advisors, operating executives and programs focused on technology, go-to-market strategy and organizational growth.
Summary
Norwest has closed a $4 billion global, multi-stage fund, Norwest 18, to continue backing technology, healthcare and consumer companies across the U.S., India and Israel. The firm announced the close on Thursday. The fund is the largest in Norwest's 65-year history and brings the firm's total capital under management to $18 billion. Norwest is targeting investment opportunities in healthcare, biotech, medtech and healthcare AI.
The firm's recent healthcare and biotech activity includes investments in patient experience platform Courier Health and Infinx. In October, Norwest co-led Matchpoint Therapeutics' $150 million Series B round and backed a $31 million round for Vitalize Care, an AI-powered operating system for hospital staffing and scheduling. Norwest's biotech and healthcare portfolio also includes Rezo Therapeutics, an AI-enabled precision medicine and biopharmaceutical company, and Tokaido Health, an AI-native medication steerage platform.
Since its founding in 1961, Norwest has invested in more than 750 companies and currently partners with more than 275 companies across its venture and growth equity portfolio, according to the firm. It invests in early- to late-stage businesses with a focus on technology, healthcare and consumer. Since the launch of Norwest 17 in April 2024, the firm has made more than 87 investments and worked with over 30 portfolio companies to achieve liquidity events. These include IPOs from Amagi Media Labs, BillionToOne, MBX Biosciences, Omada Health and Swiggy, along with strategic acquisitions such as Avetta by EQT, AbsenceSoft by Luminate Capital Partners, Ouro Medicines by Gilead Sciences, Qualified by Salesforce, tvScientific by Pinterest and Veza by ServiceNow.
Norwest is also expanding into next-generation financial infrastructure, physical and voice AI, agentic cybersecurity, technology-enabled industrial and aerospace, and healthcare AI. Recent investments in these areas include Beltic, Rain and Stablecore in financial infrastructure and digital currencies, and Coval, Generalist AI and LlamaIndex in AI systems.
Jeff Crowe, senior managing partner at Norwest, said in a statement that companies are staying private longer and scaling across markets, and that capital is only one part of what they need. The firm says it has expanded its support for portfolio companies beyond funding, adding advisors, operating executives and programs focused on technology, go-to-market strategy and organizational growth.
The firm's recent healthcare and biotech activity includes investments in patient experience platform Courier Health and Infinx. In October, Norwest co-led Matchpoint Therapeutics' $150 million Series B round and backed a $31 million round for Vitalize Care, an AI-powered operating system for hospital staffing and scheduling. Norwest's biotech and healthcare portfolio also includes Rezo Therapeutics, an AI-enabled precision medicine and biopharmaceutical company, and Tokaido Health, an AI-native medication steerage platform.
Since its founding in 1961, Norwest has invested in more than 750 companies and currently partners with more than 275 companies across its venture and growth equity portfolio, according to the firm. It invests in early- to late-stage businesses with a focus on technology, healthcare and consumer. Since the launch of Norwest 17 in April 2024, the firm has made more than 87 investments and worked with over 30 portfolio companies to achieve liquidity events. These include IPOs from Amagi Media Labs, BillionToOne, MBX Biosciences, Omada Health and Swiggy, along with strategic acquisitions such as Avetta by EQT, AbsenceSoft by Luminate Capital Partners, Ouro Medicines by Gilead Sciences, Qualified by Salesforce, tvScientific by Pinterest and Veza by ServiceNow.
Norwest is also expanding into next-generation financial infrastructure, physical and voice AI, agentic cybersecurity, technology-enabled industrial and aerospace, and healthcare AI. Recent investments in these areas include Beltic, Rain and Stablecore in financial infrastructure and digital currencies, and Coval, Generalist AI and LlamaIndex in AI systems.
Jeff Crowe, senior managing partner at Norwest, said in a statement that companies are staying private longer and scaling across markets, and that capital is only one part of what they need. The firm says it has expanded its support for portfolio companies beyond funding, adding advisors, operating executives and programs focused on technology, go-to-market strategy and organizational growth.
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